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Cambridge Analytica closes its doorsThe political consulting firm at the heart of the recent Facebook privacy scandal shuts down after mounting legal fees and exiting clients.
The company at the heart of the recent Facebook privacy scandal is closing its doors. Political consulting firm Cambridge Analytica confirmed it's shutting down operations and going into insolvency. The move reportedly came after the company began losing clients and racking up legal fees related to the investigation into its Alleged misuse of Facebook user information. Even though the company made moves like suspending chief executive Alexander Nicks earlier this year and then opening up its own independent investigation into Facebook's misconduct allegations. It looks like it wasn't enough to keep the company in business. Cambridge Analytica is at the center of a user privacy scandal Facebook says resulted in the firm improperly getting its hands on data from as many as 87 million user profiles. It then allegedly used that data to target voters in political ads about the UK Brexit referendum and the 2016 US presidential election. Facebook banned the firm from its platform 2018. Cambridge analytica did not immediately respond to a request for comment. We'll be updating CNET.com with more information as it happens. I'm Ashley Esceva, be good humans.